A former lawmaker representing Kaduna Central senatorial district, Shehu Sani, has downplayed the effectiveness of the 2020 budget presented to the National Assembly by President Muhammadu Buhari.
Naija News reports that President Buhari on Tuesday presented the 2020 national budget estimates to a joint sitting of the National Assembly.
Speaking on the budget estimates, Buhari revealed that the nation’s Gross Domestic Product has grown from 1.93 per cent in 2018 to 2.02 per cent in the first half of 2019 and the external reserves rose from $23bn in October 2016 to ~$42bn in Sept 2019.
The president promised that his government will raise the threshold for VAT registration to N25m turnover per annum, to bring relief to small(est) businesses.
Other issues captured in the budget is the increment for the National Human Rights Commission (NHRC) revenue from N1.5 billion to N2.5 billion.
N2.46 trillion is proposed for capital projects.
Reacting in a post on his Twitter handle on Wednesday, Shehu Sani said: “The Budget will take us out of Sodom and safely land us in Gomorrah.”
Recall that the Minority Leader of the Nigerian Senate, Senator Enyinnaya Abaribe, says the budget 2020 proposal is not sustainable because debt servicing is higher than capital expenditure.
Senator Abaribe noted debt servicing is higher than capital expenditure.
The Senate Minority Leader said although, the senators have promised to work with the executive, they should also look at the facts of the budget.